Issue - meetings

Report of the Director of Finance & Transformation / Section 151 Officer

The Council gave consideration to report (as set out on pages 13-35 of the agenda) which asked it to approve the Medium-Term Financial Strategy and Budget for 2019/20.

The Chair of the Policy, Finance and Development Committee, Councillor Mrs S B Morris, introduced the report and advised that the Council was proposing a balanced budget for the final year of the government’s current multi-year settlement.

It was acknowledged that the future remained the Council’s biggest uncertainty, with no clarity at the current time as to how central government proposes to fund local government in the years ahead. For example, it was not known how the review into fairer funding will affect the Council, nor how the new business rate retention scheme will be implemented post 2020.

Overall, it was concluded that the Council is in a stable financial position although there remained significant challenges, and further work would need to be done to reduce the Council’s costs and increase its income streams to ensure high quality services could continue to be delivered.

It was moved by Councillor Mrs S B Morris, seconded by the Deputy Leader of the Council and

RESOLVED THAT:

(i)          That Council approves the Medium-Term Financial Strategy and Budget for 2019/2020 (as set out in the report and at Appendix 1);

(ii)        That Council approve the levels of reserves (as set out at paragraph 7 of the report);

(iii)      That Council approves the Capital Programme (as set out in Appendix 2);

(iv)       That the Housing Revenue Account estimates for 2019/20 be approved (as set out in Appendix 3); and

(v)        That Council approves a decrease of 1% in housing rents and increases in other charges of 3.2% (as set out in Appendix 2).

Votes For                  17

Votes Against          2

Abstentions             0